Presently, funds for performing business transactions are generally debited from a single source. To perform any such transaction, adequate funds must be present or available through a line of credit, to complete the transaction. While various methods are available to transfer funds to a particular account, an adequate source of funds must be available to perform a particular transaction.
For example, to purchase a high-priced item such as an automobile or certain electronic equipment, e.g., a computer, funds must be collected in a central account or location so that the subsequent purchase transaction can occur. It is, therefore, common to have funds transferred from a savings or money market account to a checking account before a check can be issued to purchase the high ticket-price item. Various methods may be used to perform such funds transfers including Automated Teller Machines (ATMs) and on-line banking, i.e., using Internet connections to effect such transfers. Additionally, credits lines can be nearly instantaneously increased to provide the necessary funds to perform a transaction.
Along similar lines, a single check can be deposited to multiple accounts. For example, it is common to partition portions of a payroll check to be deposited in a savings, debit or checking account. As such, a holder of multiple accounts can supply each with a set or variable amount of funds to ensure adequate source funds are available to the account owner when performing subsequent monetary transactions.
While banks and lending institutions provide for the ability to transfer funds to a single account and for multiple accounts to be funded from a single source e.g., a payroll check, no methods currently provide for or envision a monetary transaction from multiple source accounts. That is, no method is available to purchase a large ticket-priced item from multiple accounts owned by the same (or with proper permissions) multiple individuals.
A need, therefore, exists for a method to perform monetary transactions from multiple source accounts thereby eliminating the need for funds transfers or to anticipate the funds necessary to perform subsequent business transactions.